SEC The Latest Regulator To Expel Hagedorn As Broker
Evidently, the Securities and Exchange Commission (“SEC”) is the latest to sanction ON Equity Sales Company securities broker Lawrence E. Hagedorn (CRD#: 1794077, Andover, Kansas) for “theft by deception.” Namely, Hagedorn is considered a serious threat to investors according to SEC – so much of a threat that it basically took away his ability to be a broker in the United States. In addition, investors filed lawsuits in response to Hagedorn’s sales practice violations. Here’s what we know about the securities broker.
SEC Bars Lawrence Hagedorn For Felonious Practices As Broker
Notably, SEC declared in a May 2020 Order that Lawrence Hagedorn is expelled as a securities broker or financial advisor. Significantly, SEC cited Kansas Securities Commissioner’s sanctions of Hagedorn for felonious activities. Specifically, in November 2019, Hagedorn pleaded guilty to four counts of intentionally violating securities regulations governing dishonest and unethical broker-related sales practices. Notably, this “theft by deception” felony landed Hagedorn in jail for a year.
Kansas Securities Commissioner Bars Hagedorn For Borrowing
SEC’s administrative action to bar Lawrence Hagedorn follows the Kansas Securities Commissioner’s June 2019 Order barring Hagedorn in all capacities including as broker and financial advisor. Apparently, Hagedorn violated Kansas regulations by borrowing from his clients at ON Investment Management Company or ON Equity Sales Company. In addition, the Commissioner ordered Hagedorn to pay a $50,000 fine and $100,000+ in restitution.
FINRA Expels Lawrence Hagedorn For Stonewalling
Apparently, for failing to respond to its request for information, FINRA barred Lawrence Hagedorn from maintaining any association with a FINRA-member broker or even associating with the securities firms under its membership. It appears that FINRA investigated Hagedorn in 2017 which led to its investigative requests. It appears that ON Equity Sales Company had just discharged Hagedorn for borrowing from clients – a company policy violation. Notably, FINRA barred Hagedorn indefinitely as of February 2018.
Client Disputes Suggest Hagedorn Borrowed Money, Failed To Repay
Apparently, in 2018, a client of ON Equity Sales Company complained about Lawrence Hagedorn in 2018. Supposedly, Hagedorn did not repay the client after taking a loan from her. It appears that the client tapped her life insurance policy in order to provide the loan. However, the securities firm denied the complaint in 2018.
Notably, in prior disputes, clients collectively alleged that Lawrence Hagedorn gave unsuitable advice about life insurance and he failed to follow instructions. Evidently, both of those investor disputes settled through payments to clients.
Losses From On Equity Seals Company’s Lawrence Hagedorn?
Have you sustained losses from broker Lawrence Hagedorn? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers like Hagedorn and their employers.